A loan was taken out on January 1,2010 at a simple interest rate of 8.5%.Interest is to be calculated using ordinary interest (Banker's rule).The amount repaid on December 29,2010 is $13,027.02.What was the original amount of the loan?
A)$12,014.21
B)$12,011.63
C)$12,001.25
D)$11,998.64

Question

Quizplus · Accepted Answer

The Answer of A loan was taken out on January 1,2010 at a simple interest rate of 8.5%.Interest is to be calculated using ordinary interest (Banker's rule).The amount repaid on December 29,2010 is $13,027.02.What was the original amount of the loan?
A)$12,014.21
B)$12,011.63
C)$12,001.25
D)$11,998.64

A Loan Was Taken Out on January 1,2010 at a Simple